13 March 2017Insurance

RMS expands risk offering for Asia Pacific

Risk modelling company RMS has expanded its services in the Asia-Pacific region with the launch of agriculture risk models in India and China.

The company said that Asia Pacific and Latin America remain its strategic priorities, and it has plans to expand the coverage further in these regions.

"Countries throughout Asia-Pacific are experiencing rapid growth. RMS is committed to helping our clients’ success in these dynamic markets by providing a comprehensive suite of risk and analytics solutions,” said Steve Hurcom, senior vice president, client development Europe and Asia.

"Agricultural risk is one of the top concerns […] for our clients in Asia-Pacific and Latin America, and they need robust models to manage the risk as part of their overall enterprise risk."

"Asia-Pacific and Latin America remain strategic priorities for RMS. The company is releasing significant modelling capability this year for local and global clients writing business in these regions. The new agricultural risk models for India and China will be followed in April by updated earthquake models for Indonesia and the Philippines; four new earthquake models for Singapore, Malaysia, Thailand, and Vietnam; in addition to wind and typhoon models for Taiwan and South Korea. In addition to the latest views of risk for marine and North Atlantic hurricane covering the Latin America region," Hurcom added.

Mohsen Rahnama, chief risk modelling officer and general manager of the RMS Models and Data group, said: "RMS is very well positioned to develop agricultural risk models and help ramp the industry’s understanding of the risk. We understand the framework and principles of the models, and will combine our 30-plus years’ experience in climate hazard modelling with the latest data collection and processing technology, and scientific understanding of the risk, to build the next generation of agricultural risk models for the industry.

"Also important is the modelling work we do that lies outside our long-established analysis of catastrophe risk for the insurance industry; the recent conclusion of our drought stress-testing project for the banking industry has given us deep insight into the drivers of water scarcity, which is a key hazard for agricultural risk."

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